Refer to the data. If the market price for the firm's product is $12, the competitive firm should produce:
Answer the question on the basis of the following cost data for a firm that is selling in a purely competitive market:
A. 4 units at a loss of $109.
B. 4 units at an economic profit of $31.75.
C. 8 units at a loss of $48.80.
D. zero units at a loss of $100.
D. zero units at a loss of $100.
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What might the World Bank actually be a less efficient means of financial intermediatinon than private international banks?
What will be an ideal response?
Some oil refineries were damaged by Hurricane Ike of 2008, leading to
A) a decrease in supply of gasoline. B) a decrease in quantity supplied of gasoline. C) a decrease in demand for gasoline. D) a decrease in quantity demanded for gasoline.
When aggregate demand exceeds current production
a. both output and the price level are in equilibrium. b. output is not in equilibrium, but the price level is. c. prices are not in equilibrium, but output is. d. neither output nor the price level is in equilibrium.
The invisible band principle indicates that competitive markets can help promote the efficient use of resources
What will be an ideal response?